500 range for a home mortgage?

Dec 282011
 

Would any bank or credit union finance an applicant for a mortgage with a 567 credit score? I have a positive car note history (no late payments) and a credit card with no late payments. The negatives (4) that weigh my credit history are “charge offs” with a telephone company 5 years ago and a medical bill (collection account). All totalling $ 1,200.

How can I get my name off of my former home(Divorceed)?

Dec 252011
 

In 2004 we filed bankruptcy and filed for divorce at the same time. My X has all rights to the house and property. I included the mortgage comapny in my bankruptcy filing, she kept making payments and re-affirmed. Here’s the problem: I just got notice that my wages are being garnished for property taxes due for 2005 and 2006. I call the state of Kentucky and they tell me that’s between my ex and me, my name is still on the property. I call the mortgage company and find out my name is still on the mortgage because they will not re-finance her without my income. Can the mortgage company keep me on this loan after I filed bankruptcy against this? My X says she has tried to refinance with no success. I cant buy a house and have even worse credit now thanks to her late payments. HELP!!! before I go crazy.

How does a rental property impact my ability to buy a new home?

Dec 192011
 

I currently own a home. I owe approximately $ 228,000 and the homes value in today’s current market is probably around $ 260,000 although the appraisal and assessment are closer to $ 270,000. My mortgage payment is $ 1850 per month and I collect $ 1600 per month in rent. My renter has always paid on time, usually early so I have no late payments or anything. I would like to buy a new home to act as my primary home since we are currently renting. Before I contact a banker I would like to know how this rental property will impact me securing a new home loan? Do they just count the $ 250 my rent is short of covering the home as debt? I have also heard they will only consider 75% of what I bring in rent and the remainder may be considered as debt? Does anyone have any input on how this will affect me? Thanks.

short sale offer. What do you think? Good or bad?

Dec 032011
 

I currently am going on 4 months behind on my mortgage. I just bought the house a year ago. Due to a recent job loss I put my house on the market to try to avoid foreclosure. I tried refinancing no luck there due to my recent late payments and income loss and I live in Phoenix where the market has slumped. A friend of a friend offered to do a short sale of $ 260K. I owe $ 306K. In return, he will rent it back to me for the price of the new monthly mortgage for a 2 year lease, then after 2 years, sell it and we split the profit 50/50. I have an 80/20 loan through the same lender. The short sale will take care of the 1st loan, but not the second and the mortgage company already stated that they will come after me for the remaining debt. I have been getting advice and everyone says it doesn’t sound like a good deal so I should probably just let the house foreclose. What is your advice? Any suggestions you can provide me?

Can a stay-at-home mom receive a mortgage loan?

Dec 022011
 

I am a stay-at-home mom with no monthly income. My husband was froze out of his small corporation and had a few late payments on our previous mortgage which hurt his FICO score (we also have no revolving credit which doesn’t help). My FICO scores are high enough for mortgage standards. Could I obtain a mortgage with no income if I obtained it with the premise of renting it (to my husband)?

Old loan baddies

Mar 102011
 

Hi all,

Still on this credit journey! Question- I recently got a new car loan and my old one with Nissan was paid off and closed out (I traded in for another Nissan) I have some late payments on the old loan.

Is there any way to get the baddies removed as I no longer even have a loan with Nissan? If so- can someone provide examples?

Thanks,

 

Help a young guy out.

Mar 072011
 

Hello all,

 

I am 22 years old and would like to purchase my first home in the near future. I have never had a house or auto loan. I am trying to fix my credit first because I am scared that I will not qualify as of now. I have a few questions to ask.

 



I have a personal loan inquiry from Wells Fargo that I do not remember doing. Will it help me to dispute that to remove that off of my report?


I have 2 30 day late payments on my report. How bad are those hurting me?

 

 

Here is a collection account that I paid last week. The lady assured to me that she would take it off of my report. I don’t know if it was a dumb move for me to pay first or not but it is done. Do you think they will actually remove it? It was for DirectTV. It is labeled “KD”. . .

 

Account Name:CBE GROUP 

Account Number:XXXXXXXX 

Acct Type:Collection Department / Agency / Attorney 

Acct Status:Closed 

Monthly Payment: 

Date Open:9/1/2010 

Balance:$499.00 

Terms:1

 

Month  High Balance:  Limit:  Past Due:$499.00  Payment Status:Seriously past due date / assigned to attorney, collection agency, or credit grantor’s internal collection department  Comments: 

 

 Please advice as to what this yougster should do! ;)

     

Lender okayed removal of lates, not showing up on reports yet

Feb 242011
 

Our mortgage lender agreed to remove a couple of late payments on a home equity loan we had.  The letter we received from our lender said to wait 60 days for the Credit reporting agencies to make the change.  It has been over that time and the changes have not been made.  How do I proceed?

 

SHould I send the letter we received from our lender about the removal and ask that the credit reporting agencies take action?  Can I request a copy of our credit report once the change has been made?

 

 

What should I expect?

Feb 162011
 

I had some SL 5 years ago that defaulted and have since been rehabbed over 2 years ago. Even with the loans being rehabbed and transferred to another lender with no late payments for 2 years the original loan showed 120 days late. After calling and trying to get them to update the status they refused and it was showing 4 accounts with 4 different loan amounts 120 days late. The only adverse accounts that I had on my credit were the 4 loans and 1 car loan. After disputing both through Transunion I was able to remove all of the negatives from each of those accounts. My credit score was around 602 with high usage on my credit cards which I plan to pay off fully by the end of the month. What should I expect score wise? I have about 3 credit cards all paid on time for 2 years and a car loan paid on time for 3 years along with the SL accounts that were transferred. Im pretty excited about my Fico future and trying to see what steps I need to take next.

A Few Questions About Scoring…Please Help

Feb 082011
 

Hi, I am trying to really repair credit over the next year.  I have made a lot of progress the past couple of years but still wonder about a few things.

 

1) I have two credit cards that I now carry a 0 balance on since I learned to pay it off before the report date.  However, I see something in a credit report that says ‘High Balance’ and that is close to my credit limit.  Does this hurt my score, even though at this point my util should be 0 and I have no late payments?

 

2) I have a few collections on my CR.  The original accounts are tied to bank accounts (not credit card accounts) and one gym account.  I have a few questions about these

 

 a) I have two CA’s reporting for the same account and haven’t been able to delete one…shouldn’t I be able to?

 b) I have one CA listing a report date as 10/2010 even though the original delinquiency was in 2006.  What can I do about this?

 c) I have been paying down these balances, but is it really helping me credit wise?  I know it won’t delete the CA, but is it being reported as ‘paid’ helpful at all?

 d) I’ve heard of good will and PFD letters, but has anyone had any success with these?

 e) What sort of impact does the fact that these original delinquiencies are all at least 5 years old have?

 

3) What is scoring impact of loan balances to original amounts?  I have been steadily paying down student loans, but the balances are still fairly high. 

 

Thanks for your help.  I want to handle everything right so that I can get the best possible mortgage when the time comes in about 1-2 years.

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